TRG investor considering bid for pub and leisure arms
Investors have previously called upon the TRG board to ditch the pub and leisure arms and focus fully on Wagamama
An investor in The Restaurant Group (TRG) is considering a bid for the company’s pub and leisure arms, according to reports from The Telegraph.
TMR Capital, which holds a 1.75% stake in TRG, is looking to acquire the Brunning and Price pub arm and the group’s leisure division, which includes the Frankie and Benny’s and Chiquito brands.
TMR has reportedly approached the TRG board and although a price has not been discussed analysts told the Telegraph that an offer around £200m would be a “knockout”.
TRG has said that it was working with independent advisors to access its “strategic options” for the future.
The company has come under mounting pressure in the last year and faced a revolt at the last shareholders meeting.
Investors have previously called upon the TRG board to ditch the pub and leisure arms and focus fully on Wagamama.
A spokesperson for TRG said: “TRG has enjoyed a very encouraging first half of the year outperforming the wider hospitality market. Highlights include Wagamama’s continued market out-performance and exceptionally strong trading from both our Pubs and Concessions businesses.
“We have made an excellent start executing our three-year margin improvement plan and continue to review our wider strategic options to further accelerate TRG’s deleveraging profile.”
